SEC Lifts Ax For Minnesota Stock-Price Spammer

thejuggler writes "A call to Samuel Meltzer's St. Paul home is greeted with the message that he doesn't want to be bothered by solicitations. But, this story in a Minneapolis newspaper tells how the Feds and SEC claim he is a huge spammer. They claim he sends out spam spreading false and misleading information about various penny stocks. So far he has made at least $159,600 in stock and cash from 1998-2001 for spreading this false information. In a brief interview Tuesday, Meltzer (The evil spammer), 37, said he hadn't seen the complaint. "This is a surprise," he added."

Comments

Surprised it still works

[mugnyte]

This guy may well be mistaken identity, but if the allegations are true, he is surely in for a surprise. I don't know his state's laws, but let's hope they get in on the works.

I have given up communicating on stock boards mainly because of the nature of these kinds of posts - hype. But then again, I'm not sure what I was looking for in reading those boards anyway.

I hope the FCC gets this guy.

[inteller]

but if he only made that much money in the time said, that's not much better than a decently paid programmer. Is this guy really the big fish? how much money do the penis enlargers and 2 week MBA guys make?

$159k

[nherc]

$159k over 3+ years isn't exactly a killing, especially for something he was spending a considerable amount of his time on (read: full time job).

Perhaps the lower and lower profit margains on this type of activity will eventually put an end to sonafabitches like this.

Stock Tip: McDonalds sucks.

[$$$$$exyGal]

Everyone should sell their McDonalds stock immediately! The stock is going down down down. Only suckers would keep it. They are being sued left and right, and it's only gonna get worse. Plus the fact that their restaurants are grimy, and they are slow, and their prices are kept artificially low (read Fast Food Nation).

Now, is the SEC gonna come and get me? What if I'm selling short?

--sex

jonathan lebed

[circletimessquare]

jonathan lebed

anyone remember this kid?

read the new york times magazine article i linked to if you aren't familiar with his story. it absolutely floored me. great story.

15 years old, made at least $250,000 in six months

the amazing thing about this kid is he settled with the SEC... they BACKED OFF prosecuting him because at the time, shortly before the stock bubble burst a few years ago, his lawyer was ready to make an issue of the illegality of what he was doing... inflating stock prices through hype.

the problem? think about it: what was going on at the time via PROFESSIONAL stock info outlets?

same damn thing

makes you think, doesn't it?

made the SEC think at least, they backed off, so the kid actually cleared some profit (a small percentage of whatever he actually made... no one knows for sure, but not bad for a 15 year old)

amazing!

jonathan lebed: if you're at some university today, lurking on slashdot, my hats off to you for staring down the whole damn SEC ;-P